Thirty banks have already met Nigeria’s new minimum capital requirements ahead of the March 31, 2026 deadline, the Central Bank of Nigeria (CBN) said. The apex bank announced in a statement issued on Friday by its Acting Director of Corporate Communications, Hakama Sidi Ali. The apex bank said lenders across the industry have been actively …
The Central Bank of Nigeria (CBN) said it has taken delivery of responsibly sourced London Bullion Market Association (LBMA) Good Delivery-standard gold into its foreign reserves. The move, which is aimed at strengthening reserve diversification and macroeconomic stability, has raised its total gold holdings to $3.5 billion. According to the apex bank in a statement …
In a move to accelerate financial inclusion across Nigeria, the National Association of Microfinance Banks (NAMB), Federal Capital Territory (FCT) Chapter, has convened a high-level corporate governance training for Chairmen, Executive Directors, and Non-Executive Directors of Microfinance Banks operating within Abuja. The strategic capacity-building session, themed “Corporate Governance: Framework for Growth and Sustainability", brought …
Nigeria’s foreign exchange reserves have reached a significant milestone, with the gross reserves now standing at $50.4 billion as of mid-February 2026, marking the highest level in the past 13 years, offering a strong indicator of the country’s economic resilience and positive outlook. This was confirmed by the Central Bank of Nigeria (CBN) Governor, Olayemi …
The Central Bank of Nigeria (CBN) said 20 banks have fully met the new minimum capital requirements, with just one month to the March 2026 recapitalisation deadline. CBN Governor Olayemi Cardoso disclosed this on Tuesday during a briefing at the end of the two-day Monetary Policy Committee (MPC) meeting. He said the committee acknowledged the …
Recently, key economic data have revealed stronger foreign exchange (FX) inflows, tighter Central Bank controls, cooling inflation, and a shift in investor positioning, all of which are reinforcing the naira’s recent gains, although oil revenue and global risk remain key threats. Analysts are beginning to say that the naira’s recent strength is starting to look …
Former chairman of United Bank for Africa (UBA) Israel Ogbue, has passed on at the age of 99. UBA reportedly announced this in a statement released on Thursday. Ogbue was the father of Awele Elumelu, chairman of Transcorp Hotels, and father-in-law to Tony Elumelu, current chairman of UBA Group. The bank described Ogbue as a …
The proposed merger between Unity Bank Plc and Providus Bank Limited has moved closer to completion, with integration efforts progressing steadily and key regulatory milestones already secured. This was contained in a statement on Wednesday. It follows a Court-Ordered Meeting where shareholders overwhelmingly endorsed the transaction, reaffirming confidence in the combination. According to the Managing …
The Bank of Industry (BOI) announced on February 9 that it has secured regulatory approval from the Central Bank of Nigeria to operate a Non-Interest Banking (NIB) Window. The announcement, however, has since sparked a wave of reactions from Nigerians. According to BOI, the NIB window will expand access to ethical, asset-backed, interest-free financing designed …
The Central Bank of Nigeria (CBN) has directed that each licensed Bureau de Change (BDC) operator can access up to $150,000 in foreign exchange weekly from the Nigerian Foreign Exchange Market (NFEM) through authorised dealer banks. The directive was issued on Tuesday in a circular signed by the CBN’s Director of Trade and Exchange Department, …
